Annual Conference of E-Banking and Payment Systems with the theme of Blockchain Revolution

Soraya Nildarar
Written by Soraya Nildarar

The Deputy Director of Technology and Innovation of the Ministry of Information and Communications Technology of Iran, by pointing out the benefits of the infrastructure of cryptocurrencies technology, said Blockchain Technology provides a ground for increased efficiency and cost savings.

According to the Public Relations Department of the Monetary and Banking Research Institution, Nasrollah Jahangard, referring to new technologies in the field of banking and financial services, said:

Emerging technologies, including cryptocurrencies and Blockchain along with Artificial Intelligence, the Internet of Things, and the fifth generation of Internet have created fundamental changes in the banking system. Meanwhile, the banking system in Iran is changing and it should be given special attention to the creation of new financial infrastructure and services.

The Deputy Minister of Technology and Innovation of the Ministry of Information and Communications Technology said that the country’s banking system has not updated itself with new technologies, adding:

Despite the huge growth of the country’s electronic banking system in recent years, all the existing infrastructure has not been used. To solve the problems and provide new services, we need to move towards the knowledge and use of the new and powerful infrastructures to cover the deficiencies of electronic banking and create new value-added services through new technologies in the banking sector.

About the government’s positions for cryptocurrencies and Blockchain, Jahangard said:

The Blockchain Technology, in addition to increasing efficiency and reducing cost, in terms of transparency of performance, is effective in transforming and diversifying the infrastructure of the country, which is considered by the authority. Besides, the cryptocurrencies with the attention to the facilitation of small and retail payments on the one hand and the sanctions and the brutal pressure of the US government against Iran on the other hand, becomes an issue of concern in the government and the parliament, which is expected to be resolved soon with an important priority.

Referring to the cryptocurrencies technology, he stressed:

Cryptocurrency technology is a great new opportunity for the global economy and the Iranian banking and financial system, which is considered by the Ministry of Information and Communications Technology and the Central Bank as a monetary and banking regulator can develop this technology in the country with measurable decisions and inter-device interaction.

The Deputy Minister of Technology and Innovation of the Ministry of Information and Communications Technology emphasized the need for policymaking in the field of modern technologies and stated:

One of the important issues in using and developing the banking system of the country in the field of new technologies, including Blockchain and cryptocurrencies, is the definition of policies and regulations which needs to be done by the Central Bank and the government as soon as possible so that these technologies can be used to create value-added services and help the economy, otherwise we will see losses that are hard to compensate for the economic system.

It should be noted that the 8th Annual Conference of Electronic Banking and Payment Systems with the theme of the Blockchain Revolution will be held in Milad Tower Conference Hall on 9th and 10th of February.

About the author

Soraya Nildarar

Soraya Nildarar

Leave a Comment